Page menu

Friday, March 17, 2023

Market Update Friday March OPEX - Tech/Crypto Crash Setup?

 Today is Options Expiration, so today's action is unpredictable, but I'm seeing a dreadful chart pattern revealing itself on Crypto, and the Tech sector. If you follow my twitter feed I'm sure you've already seen some of the charts, as I continue to sound the warning. I even revealed where I've put on a hedge, albeit perhaps a day too early, and that's fine, because I was Net long going into yesterday's close, and that's no place to be, with the $VIX still trading above 20. 

Speaking of the $VIX, I haven't seen anything reported about Volmageddon, even though we saw what can only be described as massive moves on the $VIX!  

If it's any consolation to the market bulls, I've never seen the market sell off on a St Patrick's Day. 

I am seeing what could be a surprise rally in First Republic, if you're feeling lucky. 


Notice how Gloomberg is only showing the 1 month view of the regional Bank index, as they appeal the the emotions, of the investor with the lowest intelligence. That's fear porn. 

Meanwhile Bloomberg, and every other #fakenews network, goes out of their way to NOT report the riots in socialist France.  

Here's a couple other things you won't see reported: 

 Taxpayer Money being used to bailout Chinese investors

 

Bitcoin Inflows: 


No doubt Wall Street loves another $300b in money creation, during an already inflationary cycle, and a half point rate hike - next week - is going to do nothing to fix the problem... 

That money has to go somewhere, and all the unnecessary money printing over the years, has helped create the speculation in regional banking, and even Cryto.  

We also continue to see speculation in Tech stocks, and the more I look, the more I'm amazed at how we've seen an orchestrated sector rotation out of certain areas of the market, in order to fuel the rally in tech stocks, including $SOX, which I touched on yesterday

In hindsight, think it's not the smart money chasing tech here, and CNBC World Wide Exchange even mentioned it in their intro this morning. and, I think that means CNBC pro investors, and Jim Cramer's investment club members, have already been alerted to "ring the register"! 

BREAKING NEWS: 

SVB Bank Files for bankruptcy! 

The powers that be, usually wait until after the close, to drop a bombshell like this, but I'm still skeptical that the market can sell-off in a panic today. 

Often, once bad news it out, that's the catalyst for a relief rally, so nothing changes on that news. 

The Charts 


 $DJUSTC - Technology is testing the recent highs, and knowing Wall Street as I do, I'm anticipating the 'ol Pump 'n' Dump. 




Have a great St Paddy's Day, Weekend, 

AA  


No comments:

Post a Comment